Administration

Administration of an estate can be a time-consuming exercise. Often clients will wait in line for hours at a government agency find out what needs to be done when we can simply write a letter to the agency and achieve the same result.

The complexity of task is often under estimated. We can assist by handling the bulk of the administration leaving the executor to deal with the more important matters at hand.

FAQ

What is an executor?

What is an executor?

An executor is the individual or organisation that you have appointed to oversee the finalisation of your estate.  They are tasked with:

  • Finding all the assets in your name at the date of your death;
  • Paying out all liabilities or debts owing;
  • Distributing your estate to the people who you nominate to receive your property i.e. the Beneficiaries

What is a beneficiary?

What is a beneficiary?

A beneficiary is a person who is named in the will to receive a benefit under a will. 

What is a trust?

What is a trust?

A trust is an entity that is set up to protect assets. The trust is created by a trust instrument. The instrument is just a document that specifies the terms of the trust.  There are many types of trusts.

What is a trustee?

What is a trustee?

The trustees are the people (or company) that is responsible for holding the legal ownership of the asset.  They may or may not hold the beneficial ownership depending on how the trust is structured.

What are joint assets?

What are joint assets?

Joint assets are assets that are held jointly in the names of multiple parties.  For example, a husband and wife may own property as “joint tenants”.  If property is held as joint tenants than when one of the parties pass away the ownership of the asset automatically goes to the surviving parties.   This process operates outside the will.  The other way assets can be held are joint tenants.  If a property is held by a husband and wife as joint tenants, then they own a share of the asset.  In the example of a husband as wife they may own the property as joint tenants with a 50% or half share each.  If this were the case and one of the parties were to pass away the other party would not automatically own the rest of the asset.  The asset would then be handled by the will and probate would likely be required to transfer the asset into the name of the other person if that was what the will required.

Talk to an Expert

All we need is a few details and we'll be in touch.
Invalid Input
Invalid Input
Invalid Input
Invalid Input
Invalid Input
Invalid Input

Address: Suite 10/120 Bloomfield Street, Cleveland.
Copyright © 2018 - Mott & Associates.
All Rights Reserved.

Information you obtain at this site is not, nor is it intended to be, legal advice. Please consult one of our lawyers for individual legal advice.